There was an interesting video by Ben Felix that makes a case that home ownership doesn't significantly (or at all) increase happiness - https://www.youtube.com/watch?v=0G_OSohLC_A
That being said housing has gotten worse for both buying as well as renting. I think there is a case to be made that having a place you feel comfortable/home in (whether rented or owned) affects people's wellbeing disproportionately.